The Commodity Bull Market Is Here — Wall Street Just Hasn’t Noticed | Zach Abraham & Chase Taylor

The interview argues that the market is missing a broad commodity bull cycle even as equities make new highs. The strongest near-term macro hook for metals is the combination of hotter inflation data and persistent energy tightness: PPI was cited at 1.4% m/m and 6% y/y, driven by rising energy prices, which the guests say is likely to keep feeding inflation expectations even if the equity market is ignoring it for now. Zach Abraham and Chase Taylor frame the move as much broader than oil alone, emphasizing petrochemicals, gas and fertilizer as inputs embedded across the economy. Their view is that the street is fixated on the equity rally while underestimating how sustained commodity strength can pressure margins, keep yields elevated and eventually force a repricing of real assets, including miners and metals-linked equities. For precious metals desks, the message is mainly a macro-supportive one rather than a direct trade call: a hotter inflation regime and stronger commodity tape tend to underpin gold and silver as inflation hedges, especially if rate-cut expectations are pushed out or real yields stay volatile. Near term, the key catalysts are further inflation prints, moves in energy, and whether the market starts to rotate from momentum equities into hard assets and resource names.